October 9, 2006 - SWIFT announced the Board of Directors of Hong Kong Interbank Clearing Limited (HKICL) and the Hong Kong Monetary Authority (HKMA) have chosen SWIFTNet as their messaging platform to replace their existing proprietary RTGS network. The move to SWIFTNet will make use of SWIFTNet FIN and FINCopy services for transactions input and SWIFTNet messaging services for real-time query/response and interactive functions.

Implementation has started and industry-wide testing for HKICL and HKMA is scheduled for the end of 2007 and is expected to go live in Q1 2008.

IBM as prime contractor, together with LogicaCMG as the application provider have been selected as the vendor consortium to develop the new middle-tier system that will link with the SWIFTNet services.

Hong Kong implemented its first real-time gross settlement (RTGS) system for HKD in 1996. HKD RTGS, also know as HKD CHATS (Clearing House Automated Transfer System), is owned by the Hong Kong Monetary Authority (HKMA) and Hong Kong Association of Banks (HKAB). It is operated by Hong Kong Interbank Clearing Limited (HKICL), which is 50% owned by HKMA and 50% by HKAB. ( SWIFT )

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